Exports: Corn posts small rebound, soybean idles

According to the USDA’s latest U.S. Export Sales report, corn net sales of 186,800 metric tons (MT) for the 2012-2013 marketing year were up 35 percent from last week and 26 percent from the 4-week average.

Net sales of 66,500 MT for the 2013-2014 marketing year were reported for Japan. Exports of 609,200 MT were up 65 percent from the previous week and up noticeably from the prior 4-week average. The primary destinations were Japan (209,400 MT), China (167,500 MT), Mexico (97,600 MT), Venezuela (30,000 MT), and Cuba (27,500 MT).

On Wednesday South American drought concerns again drove the grain and soybean complexes higher. On Thursday these drought concerns remained, and traders had second thoughts overnight as a South Korean buyer bought European-origin corn instead of U.S. March corn edged 3/4 cent lower, to $7.39 1/2 in pre-dawn activity, whereas December fell 2 1/2 cents to $5.90 1/2 per bushel.

REPORT

THIS WEEK

LAST WEEK

DIFFERENCE

Sales

186,849

138,462

48,387

SALES

10 WEEKS

27 WEEKS

THIS YEAR

Average

154,575

231,350

182,819

High

393,341

1,881,967

393,341

Low

12,622

368

12,622

The report also showed that soybean net sales of 386,000 MT for the 2012-2013 marketing year were up 1 percent from the previous week, but down 42 percent from the prior 4-week average.

Some wire service reports on Wednesday cited fresh news of soybean sales to China for a portion of the day jump by soybean futures, but the fact that those deliveries were deferred to the 2013-14 crop year robbed the news of its market-moving power. On Thursday March beans dropped 9 cents to $14.69 3/4 per bushel in early morning activity, while March soyoil slipped 0.05 cents to 52.55 cents/pound and March meal slumped $3.6 to $429.1/ton.